10-501. State treasurer fiscal agent of state; designation of fiscal agent by municipalities; banks with trust powers and trust companies.
10-501
10-501. State treasurer fiscal agent of state; designation of fiscal
agent by municipalities; banks with trust powers and trust companies.
Unless otherwise provided by this section or by K.S.A. 10-625,
the treasurer of the state of Kansas is hereby made and designated the
fiscal agent of the state of Kansas. The governing body of
any municipality as defined by K.S.A. 10-101, and amendments thereto,
authorizing one or more series
of bonds aggregating not less than
$200,000 principal amount for any one sale is hereby authorized to designate
and
appoint by ordinance in the case of a city, and by resolution for any other
municipality, a fiscal agent of its choice to provide for payment of the
bonds, and interest thereon and obligations issued and made payable by their
terms
at the office of such fiscal agent. Such fiscal agent shall
be a bank located
in the state of Kansas having trust powers and operating a trust department
acting in fiduciary capacities, including paying agency functions for
stocks and bonds. In addition to the bank in
the state of Kansas designated as a fiscal agent, the municipality may
designate and appoint one or more trust companies or banks having trust
powers and located in one or more federal reserve cities as co-paying
agents with the designated Kansas bank. The trust companies
or banks designated as co-paying agents shall have correspondent banking
relations with the designated Kansas bank and shall be engaged in the
service of paying agent for municipal bonds. Whenever any municipality designates
a fiscal agent other than the treasurer of the state of
Kansas, all such bonds and any coupons issued under authority hereof shall show
the same to be payable at the office of the designated fiscal agent or
co-paying agent.
History: L. 1874, ch. 75, § 8; L. 1908, ch. 58, § 1; R.S. 1923,
§ 10-501; L. 1969, ch. 63, § 3; L. 1983, ch. 49, § 31; May 12.